Home Market Sensex rangebound, Nifty50 tests 11,550; Hexaware plunges 12%

Sensex rangebound, Nifty50 tests 11,550; Hexaware plunges 12%

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NEW DELHI: Domestic equity benchmarks Sensex and Nifty registered muted openings on Friday, reflecting the sombre mood in other Asian markets as US-China trade talks ended without any major breakthrough.

Besides, investors were cautious ahead of the speech by the US Federal Reserve Chairman Jerome Powell later today at the Jackson Hole, Wyoming, meeting of central bankers.

The 30-share Sensex opened at 38,366.79, up by 30 points, whereas Nifty began the day at 11,566.60.

Weak global cues hit the sentiment at home after the two-day talk between the US and Chinese officials ended without any solution to the trade dispute. Major Asian markets suffered losses by up to half-a-per cent. Nikkei, however, remained slightly up.

The fall in rupee on Friday further dented investor sentiment. At the time of writing this report, the rupee was trading at 70.18, down by 35 paise.

However, market moved slightly up on buying in select bank, financial, power, metal and auto stocks.

Around 9:30 am, the Sensex was 60 points up at 38,393, while the Nifty inched up by 8 points at 11,590. As many as 24 stocks were advancing in the Nifty index, compared with 26 stocks that were declining. Sensex saw 19 stocks in the green and 12 in the red around that time.

HDFC, Axis Bank and Reliance Industries were the top contributors of the rise in the Sensex.

FMCG, pharma and telecom indices were under pressure.

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